Economy & Business

    IFFCO ranked first among 300 cooperatives in the world

    The Hawk
    February22/ 2024
    Last Updated:

    IFFCO retains its crown as the world's No. 1 cooperative, driving economic growth and agricultural innovation in India with groundbreaking nanotechnology fertilizers and the introduction of agri-drones, underscoring its commitment to 'Atmanirbhar Bharat' and sustainable farming practices.

    IFFCO ranked first among 300 cooperatives in the world

    New Delhi [India]: The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked again as the No. 1 cooperative among the top 300 cooperatives in the world, sustaining its position from last year. The ranking is based on the ratio of turnover over gross domestic product (GDP) per capita.
    The ranking affirms that IFFCO is contributing significantly to the GDP and economic growth of the nation. It relates the turnover of the enterprise to the wealth of the country, according to the 2023 edition of the 12th Annual World Cooperative Monitor (WCM) report published by the International Cooperative Alliance (ICA).

    IFFCO has also stepped up to the 72nd position in the overall turnover ranking from the 97th position in the last financial year. IFFCO, along with its 35,500-member cooperative societies, 25,000 PACS and 52,400 PMKSK centres progressing towards 'Atmanirbhar Bharat' and 'Atmanirbhar Krishi', is a testimony of prosperity through cooperatives.
    IFFCO has maintained its No. 1 rank for several years, which is a testament to IFFCO and its management's unwavering faith in cooperative principles. This can also be seen as an indicator of a strong cooperative movement in the country, which has gained impetus since the formation of the dedicated Union Cooperation Ministry under the able leadership of Shri Amit Shah, Hon'ble Minister of Home Affairs and Cooperation, Government of India. Initiatives taken by the ministry have created a conducive environment that has enabled the flourishing of the cooperative movement in India.
    Taking inspiration from the Hon'ble PM's vision of 'Sahkar Se Samriddhi' and with years of hard work, research and experimentation on various crops, IFFCO developed the world's first nanourea and nanodAP for farmers.
    IFFCO is procuring 2,500 Agri-Drones along with Accessories and Spares for spraying IFFCO Nano Fertilizers as well as Bio-fertilizers, Bio-stimulants like Sagarika and Argi-chemicals, etc. IFFCO will train more than 5000 rural entrepreneurs and distribute 2500 agri-drones. IFFCO is also engaged in identifying suitable village-level entrepreneurs who will be trained to operate these drones as "certified pilots." These drones will be deployed as per the location and schedule of training for these rural entrepreneurs.
    Commenting on retaining the top position in consecutive years, Dr. Uday Shankar Awasthi, Managing Director, IFFCO, said, "It is a proud moment for us at IFFCO and the Indian Cooperative Movement as well. At IFFCO, we are always committed to the mission of increasing farmers' income, ensuring the wholesome growth of farmers across the nation, and strengthening the cooperative movement.
    "We believe in innovation as it is the key to success. That is why we are introducing nanotechnology-based solutions for agriculture, especially alternative fertilizers, beginning with IFFCO Nano Urea Liquid, which has been received very well by Indian farmers. Later, IFFCO launched IFFCO Nano DAP, which was recently mentioned in the Annual Budget of the Government of India. I congratulate each and every one at IFFCO and the entire cooperative fraternity of the country for this momentous achievement," Awasthi said.
    IFFCO being featured in the report is a testament to Indian cooperatives' zeal towards realizing the mission of 'Atmanirbhar Bharat' and 'Atmanirbhar Krishi' while promoting the 'Make in India' project. Driven by Honourable Prime Minister Narendra Modi's vision of 'Sahkar se Samridhi', IFFCO continues to drive innovation with the successful launch of nanotechnology-based IFFCO Nano Urea Liquid and Nano DAP Liquid, which have the potential to revolutionize the way agriculture is being practiced. Support from the Union Ministry of Cooperation, led by Honourable Home Minister Shri Amit Shah, has given impetus to these efforts.

    In recent years, IFFCO has been striving to change the agriculture scenario in the country. Working on the vision of Agriculture 2.0, IFFCO has invested in and has introduced pathbreaking agrotechnology, including nanotechnology-based fertilizers, promotion of Agri-drones, rural e-commerce, digital enablement of farmers and farms, Internet of Things (IoT), etc. IFFCO aims to be the flagbearer of modern Indian agriculture by being the brand that resonates with innovators and progressive rural entrepreneurs.
    The International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (EURICSE) launched the 2021 edition of the World Cooperative Monitor during an international webinar on January 25, 2024. The report is the 10th annual edition and explores the economic and social impact of the largest cooperatives and mutuals worldwide, providing a ranking of the Top 300, sector rankings, and an analysis of responses to the current global challenges, primarily COVID and climate change.
    The in-depth research and collaboration to produce this report continue to provide the cooperative movement with a significant tool to evaluate its own positioning and highlight the importance of cooperative enterprises to the public and policymakers around the world.
    The World Cooperative Monitor is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide. It is the only report of its kind collecting annual quantitative data on the global cooperative movement.
    International Cooperative Alliance
    The International Cooperative Alliance (ICA) is the voice for cooperatives worldwide. The ICA works with global and regional governments and organizations to create legislative environments that allow cooperatives to form and grow. The International Cooperative Alliance is a non-profit international association established in 1895 to advance the cooperative social enterprise model.
    International Cooperative Entrepreneurship Think Tank (ICETT)
    Established in Buenos Aires in 2018 by the ICA, ICETT aims to strengthen cooperatives' entrepreneurial performance by seeking and using innovative ideas, research, education, and cooperation to address the challenges that cooperative enterprises are facing. ICETT members collaborate on the WCM special topics.
    EURICSE is a research institute based in Trento (Italy), whose mission is to promote knowledge development and innovation for the field of co-operatives, social enterprises and other nonprofit organizations engaged in the production of goods and services, and to deepen the understanding of these types of organizations and their impact on economic and social development. Eunice's activities aim to reduce the fragmentation in research on cooperative and social enterprises and to enhance the visibility of this sector in the scientific and political debate.